The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Albert Dishner. According to his publicly available FINRA BrokerCheck report, Albert Dishner has been the subject of multiple customer disputes over the course of his career.
Albert Dishner is a New York-based securities broker who worked in the securities industry for thirty-one years. During his career, he has been registered with five different securities firms.
His Registrations
- Lehman Brothers (1989-1993)
- Painewebber Incorporated (1993-1997)
- Morgan Stanley DW (1997-2005)
- Credit Suisse Securities (2005-2015)
- Morgan Stanley (2015-Present)
The Allegations
- In September 2007, a customer alleged that a purchase made by Albert Dishner in that customer’s account was too large. This case was settled for $28,000 in damages.
- In August 2016, a customer alleged that Dishner engaged in negligence and excessive trading, and that he breached his fiduciary duty and violated FINRA rules and State and Federal Securities laws. This case was settled for $205,000 in damages.
- In June 2020, Dishner was officially sanctioned by FINRA for allegedly exercising discretionary trading in a customer’s accounts without prior written authorization to do so. As a result of these findings, Dishner was suspended from acting as a securities broker in all capacities for a period of ten days and fined $5,000.
What Does This Mean?
Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization. There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first. This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Albert Dishner, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
